Stock market extends drop on increasing concerns
According to the news, the US stocks market declined for the 3rd consecutive session along with the vital averages concluded into negative territory, based on the increasing tensions between the two largest economies of the world after the administration of the US president Donald Trump declared to block Chinese-owned applications TikTok and WeChat from America app stores beginning late on Sunday.
The sell-off erased the previous of the powerful gains the US stocks market observed to begin the week. Reportedly, the Dow Jones moved down by lower than a 10th of a percent, while the broader Nasdaq and S&P 500 both declined by 0.6 percent. The lower figure on Wall Street came as the United States Commerce Department declaration about the blocking of the Chinese messaging app WeChat and video-sharing app TikTok across the nation.
The department further added that those who have downloaded the Chinese messaging app will not get any updates. The extensively famous video sharing application could be blocked in the United States if no agreement is struck by 12th of November between the owner of TikTok ByteDance as well as Oracle Corporation to generate the new firm as TikTok Global.
As per the buzz, the sell-off also powered amid revive concerns related to the economic outlook following the monetary policy that announced by the Federal Reserve on Wednesday. While, the Federal Reserve signaled it plans to eliminate interest rates at near-zero levels for decades to come, traders observe framework that will be sufficient to support the economy of the United States.
The shares of the US stocks market dropped on worries that their prices have increased too costly following their unpleasant performance through the COVID-19 pandemic, the world’s biggest tech giant representing an essential decline. Whereas, the biggest technology firms such as Google parent Alphabet (GOOGL), Amazon & Microsoft also posted noteworthy losses.